Brokers Set Expectations for Columbia Banking System, Inc.’s Q2 2024 Earnings (NASDAQ:COLB)

Columbia Banking System, Inc. (NASDAQ:COLB) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Columbia Banking System in a research report issued on Friday, April 26th. DA Davidson analyst J. Rulis forecasts that the financial services provider will post earnings of $0.58 per share for the quarter. DA Davidson has a “Neutral” rating and a $20.00 price target on the stock. The consensus estimate for Columbia Banking System’s current full-year earnings is $2.25 per share. DA Davidson also issued estimates for Columbia Banking System’s FY2025 earnings at $2.70 EPS.

A number of other analysts also recently issued reports on the company. StockNews.com downgraded Columbia Banking System from a “hold” rating to a “sell” rating in a research note on Tuesday, March 12th. Stephens downgraded shares of Columbia Banking System from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $31.00 to $24.00 in a research note on Thursday, January 25th. Wedbush reiterated a “neutral” rating and set a $20.00 price objective on shares of Columbia Banking System in a research report on Friday. JPMorgan Chase & Co. reduced their target price on shares of Columbia Banking System from $23.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, April 4th. Finally, Royal Bank of Canada lowered their price target on shares of Columbia Banking System from $25.00 to $21.00 and set a “sector perform” rating for the company in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $22.19.

Columbia Banking System Stock Up 0.6 %

Shares of Columbia Banking System stock opened at $19.12 on Monday. Columbia Banking System has a twelve month low of $17.08 and a twelve month high of $28.11. The business has a 50-day moving average price of $18.51 and a 200-day moving average price of $21.16. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 8.21 and a beta of 0.71.

Columbia Banking System (NASDAQ:COLB) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The firm had revenue of $473.72 million during the quarter, compared to analyst estimates of $480.39 million. Columbia Banking System had a net margin of 16.52% and a return on equity of 11.66%. Columbia Banking System’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 earnings per share.

Columbia Banking System Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 23rd were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.53%. The ex-dividend date of this dividend was Thursday, February 22nd. Columbia Banking System’s dividend payout ratio is currently 61.80%.

Insider Buying and Selling

In other Columbia Banking System news, insider Aaron James Deer bought 2,000 shares of Columbia Banking System stock in a transaction on Thursday, February 1st. The shares were acquired at an average price of $19.32 per share, for a total transaction of $38,640.00. Following the completion of the purchase, the insider now directly owns 36,850 shares in the company, valued at approximately $711,942. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Luis Machuca purchased 4,889 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was purchased at an average price of $20.58 per share, with a total value of $100,615.62. Following the completion of the purchase, the director now owns 60,835 shares of the company’s stock, valued at approximately $1,251,984.30. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Aaron James Deer purchased 2,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average price of $19.32 per share, with a total value of $38,640.00. Following the acquisition, the insider now directly owns 36,850 shares of the company’s stock, valued at approximately $711,942. The disclosure for this purchase can be found here. In the last three months, insiders acquired 24,074 shares of company stock valued at $493,444. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Treasurer of the State of North Carolina grew its position in shares of Columbia Banking System by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 91,302 shares of the financial services provider’s stock worth $1,853,000 after buying an additional 460 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Columbia Banking System by 17.8% in the fourth quarter. Quadrant Capital Group LLC now owns 3,932 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 595 shares during the period. Essex Financial Services Inc. grew its holdings in Columbia Banking System by 3.8% during the 1st quarter. Essex Financial Services Inc. now owns 19,580 shares of the financial services provider’s stock worth $379,000 after acquiring an additional 725 shares in the last quarter. Caprock Group LLC increased its position in Columbia Banking System by 2.3% during the 4th quarter. Caprock Group LLC now owns 34,684 shares of the financial services provider’s stock valued at $925,000 after purchasing an additional 781 shares during the period. Finally, Retirement Systems of Alabama raised its holdings in shares of Columbia Banking System by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 261,230 shares of the financial services provider’s stock valued at $6,970,000 after purchasing an additional 806 shares in the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.